1991111
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

LCFlanagan
Returning Member

Trust "excess deductions on termination"

It appears 2020 TurboTax Business has not updated input for the TD9918 Final regulations (Sept 2020) for reporting "Excess distributions upon termination" - 67(e) expenditures.  These amounts should flow through to Box 11, Code A.  How do you designate "Other Deductions" as 67(e)? Also how can you add a description to Box 11, Code B - as required by the IRS?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Trust "excess deductions on termination"

The 1041 module of TurboTax Business will populate Line 11, Code A from entries in the Trustee fees and Professional, accounting, and tax prep fees sections in Step-by-Step Mode.

 

The module will populate Line 11, Code B from entries in the Taxes and Other deductions sections in Step-by-Step Mode (and also investment interest expense).

 

You can add a miscellaneous statement for Line 11, Code B in Forms Mode.

LCFlanagan
Returning Member

Trust "excess deductions on termination"

The "Other Deductions" can also qualify as 67(e) which should be reported on Line 11, Code A per IRS code and instructions.  How can I enter "Other Deductions" and have it be reflected on Line 11, Code A and not Code B (which it is doing now) - Reference Final Regulations TD9918.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question